accounting treatment of website designing firm

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  1. RAJANEESH V R

    RAJANEESH V R New Member

    sir, my 4 friends are doing business of websites....ie, they develop websites for their clients based on clients requirements such as matrimonial s,shop websites etc...they incurred expenses on development, purchase of domain etc...their main income is website development fee and annual renewal fee of website and main expenses are purchase cost of domain and server rent (as they bought server from an outside vendor).... As they are partners,they routinely contribute/take amounts to/from business in order to run it...is its an addition to capital or drawing from capital? or its better to account with partners current account?
     
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